Willis Group Holdings is to shell out $205 million for a 75 percent controlling stake of Max Matthiessen, a Swedish employee benefits adviser.
The increased revenue will make the combined business the biggest risk adviser and broker in the Nordic region and the largest international adviser in Sweden.
The transaction, which is subject to regulatory approval, strengthens Willis’ existing operations in Sweden, though the Max Matthiessen brand will be retained and will run alongside Willis Sweden.
Max Matthiessen is one of Sweden’s leading independent advisers in retirement savings, health plans and personal insurance. The company, with around 420 employees in 23 locations across Sweden, generated net revenues of $122 million in 2013.
Max Matthiessen employees currently own 50 percent of the company, while the remaining 50 percnet is held by Altor Fund III. Willis Sweden and Max Matthiessen hve been in partnership since 2009.
Dominic Casserley, CEO of the Willis Group, said: “Willis is committed to growing in areas of opportunity for market leadership and where we can develop specialised capabilities locally and globally.”
“Max Matthiessen fits that model perfectly. It sustains our investment in the human capital and benefits space, where we are creating leading specialised capabilities. We are confident that the combination of Willis and Max Matthiessen can fuel growth in both Sweden and beyond.”
Tim Wright, CEO of Willis International and leader of the global Human Capital and Benefits practice, said: “This is an important deal that reflects our commitment to employee benefits and our confidence in the Nordic region.”
“Max Matthiessen serves markets where we see solid growth fundamentals underpinned by changing demographics and increasing demand for retirement and health solutions.”
